RBI cuts repo rate by 25 bps
"It also reflects the number of institutional reforms and policy measures outlined in the Union Budget, which lay the foundation for sustainable growth. The rate action today should help move the economy forward on a positive growth path,” she said.
Days after Union Finance Minister Arun Jaitley presented his General Budget in the Parliament, the Reserve Bank of India on Wednesday reduced the repo rate by 25 basis points.
The repo rate has been slashed from 7.75 per cent to 7.5 per cent with immediate effect.
The cash reserve ratio (CRR) of scheduled banks was kept unchanged at 4.0 per cent of net demand and time liabilities (NDTL).
"Consequently, the reverse repo rate under the LAF stands adjusted to 6.5 per cent, and the marginal standing facility (MSF) rate and the Bank Rate to 8.5 per cent with immediate effect," the RBI said in a statement.
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